Is Radical Innovation the Key to Lowering Health Care Costs?

“Though introducing more consumer choices and competition among health care suppliers certainly affects health care prices,” writes Veronique de Rugy, “nothing would have as radical an impact on prices and quality in the health care industry as revolutionary innovation.”

“For that, we must first free the health care supply from the many constraints imposed by federal and state governments and the special interests they serve. At the federal level, that means, among other things, radically reforming the Food and Drug Administration… Others suggest getting rid of federal and state regulations that prevent people from having access to more and better information about drugs, medical devices and procedures; forbid them to try new, unapproved drugs when they or their loved ones are terminally ill; and preclude doctors from offering new treatments to their patients.”

“Indeed, people often are better-suited to know what is best for them than bureaucrats in Washington. Moreover, these reforms would be important first steps to allow tech innovators to work their magic in health care. This would result in spectacular reductions of health care costs — making the need for health insurance much less important than it is now. “

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